Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - With traders digesting a slew of U.S. economic data, stocks are turning in a lackluster performance in early trading on Wednesday. The major averages are once again showing only modest moves after ending the previous session nearly flat.

The choppy trading on Wall Street comes following the release of several key economic reports, including some data that was pushed forward by the Thanksgiving Day holiday on Thursday.

The Labor Department released a report before the start of trading showing an unexpected increase in initial jobless claims in the week ended November 22nd.

A series of reports from the Commerce Department showed modest increases in personal income and spending and new home sales as well as an unexpected rebound in durable goods orders.

Traders have also been presented with weaker than expected readings on consumer sentiment, pending home sales, and Chicago-area business activity.

While most of the major sectors are showing only modest moves, considerable strength has emerged among semiconductor stocks. The Philadelphia Semiconductor Index has risen by 1.3 percent, reaching its best intraday level in over thirteen years.

Analog Devices (ADI) has helped to lead the semiconductor sector higher after reporting better than expected fourth quarter results.

On the other hand, oil service stocks have come under pressure in pre-market trading, dragging the Philadelphia Oil Service Index down by 1.7 percent. Diamond Offshore Drilling (DO) is posting a notable loss on the day.

The weakness among oil service stocks comes amid a decrease by the price of crude oil, with crude for January delivery sliding $0.51 to $73.58 a barrel.

Currently, the major averages are turning in a mixed performance. While the Dow is down 13.90 points or 0.1 percent at 17,801.04, the Nasdaq is up 14.49 points or 0.3 percent at 4,772.74 and the S&P 500 is up 2.17 points or 0.1 percent at 2,069.20.